Ford Expects $600 Million Loss for First Quarter Due to Coronavirus
- 4 years ago
Ford Expects $600 Million Loss for First Quarter Due to Coronavirus Ford Motor Co. announced on Monday that
it expects about a $600 million pre-tax loss
for the first quarter of 2020. There was a 21% drop in vehicle sales this year
compared to the first quarter of 2019. Ford’s joint ventures are currently only producing vehicles in China, where the coronavirus cases have been on the decline. The company plans to restart its
manufacturing plants sometime
during the second quarter of the year. Ford said the decision to restart its plants will
be made “in cooperation with local unions,
suppliers, dealers and other stakeholders.” Tim Stone, Ford Chief Financial Officer, via statement
it expects about a $600 million pre-tax loss
for the first quarter of 2020. There was a 21% drop in vehicle sales this year
compared to the first quarter of 2019. Ford’s joint ventures are currently only producing vehicles in China, where the coronavirus cases have been on the decline. The company plans to restart its
manufacturing plants sometime
during the second quarter of the year. Ford said the decision to restart its plants will
be made “in cooperation with local unions,
suppliers, dealers and other stakeholders.” Tim Stone, Ford Chief Financial Officer, via statement